Yesterday I wrote about this Twitter-based hedge fund, and connected it to the broader area of large-scale online analytics being used to anticipate real-world events. And today Google has announced a new tool, Google Correlate, which has been built to do just that.

When I was dabbling in this area with search data and unemployment statistics I was using Google Insights, which made the process pretty long-winded – it produced a lot of messy data which only became useful after a few hours of macro-writing in Excel. So it was encouraging to read, in Google’s official post about Correlate, that:

[T]ools… such as Google Trends or Google Insights for Search weren’t designed with this type of research in mind. Those systems allow you to enter a search term and see the trend; but researchers told us they want to enter the trend of some real world activity and see which search terms best match that trend… This is now possible with Google Correlate, which we’re launching today on Google Labs.

I’m looking forward to giving Google Correlate a try, from what I’ve read it seems like it still only represents the tip of a very big iceberg, a glimpse through a keyhole into a big world of data that only Google is allowed to explore. Hopefully I’m wrong and it does go deeper than that though. I’ll post more about it when I’ve had a chance to look around…